Rayonier Receives Clearance to Acquire Tembec

Rayonier Advanced Materials Inc., Jacksonville, Fla., USA, and Tembec Inc., Montreal, Que., Canada, this week announced that they have received notification of clearance from Germany's Federal Cartel Office in connection with the previously announced proposed statutory arrangement under Section 192 of the Canada Business Corporations Act (the Transaction) involving the acquisition by Rayonier AM of all of the outstanding shares of Tembec.

Subject to obtaining the approvals of the holders of Tembec Shares and the Québec Superior Court and other necessary approvals and clearances, as well as the satisfaction or waiver of the conditions to the Transaction, it is expected that the Transaction will be completed by the end of 2017.

Rayonier AM is a global supplier of high purity cellulose, a natural polymer commonly found in cell phones, computer screens, filters, and pharmaceuticals. The company engineers dozens of customized products at its plants in Florida and Georgia, delivering unique properties, unparalleled consistency, and exceptional quality. Rayonier Advanced Materials' facilities can produce approximately 485,000 tons of high purity cellulose and 245,000 tons of commodity products. With approximately 1,200 employees and revenues of $870 million, Rayonier AM is routinely ranked among the nation's top 50 exporters, shipping products to five continents, 35 countries, and 80 ports around the world. 

Tembec is a manufacturer of forest products – lumber, paper, pulp, and high purity cellulose – and a global leader in sustainable forest management practices. Principal operations are in Canada and France. Tembec has approximately 3,000 employees and annual sales of some C$1.5 billion.